刚刚！宣布，0利率！

Core Viewpoint - The Swiss National Bank (SNB) has decided to maintain its benchmark interest rate at 0%, marking a pause in its easing cycle that began in March 2024, with officials avoiding a return to negative interest rates [3][5]. Monetary Policy - The SNB's decision aligns with market expectations, as inflation pressure has remained stable compared to the previous quarter [3]. - The central bank will continue to monitor the situation and adjust its monetary policy as necessary to ensure price stability [3][8]. - The SNB has indicated that reintroducing negative interest rates would pose risks to the financial system, setting a higher threshold for such a move [3][5]. Inflation and Economic Outlook - Current inflation is at 0.2%, slightly above the SNB's forecast, but still within the target range of 0%-2% [3][5]. - The SNB projects average inflation of 0.2% for 2025, 0.5% for 2026, and 0.7% for 2027, based on the assumption that the policy rate remains at 0% throughout the forecast period [8][10]. - The global economic outlook is uncertain, with potential impacts from U.S. trade policies and ongoing high uncertainty affecting Switzerland's economic prospects [9][10]. Currency Strength - The Swiss franc has strengthened significantly this year, rising over 12% against the U.S. dollar and nearly 1% against the euro, making it one of the best-performing currencies in the G10 [5][10]. - The SNB's cautious approach to the strengthening franc allows for observation of capital inflows without immediate reaction [3][5]. Economic Growth - The Swiss economy showed weak growth in the second quarter, with GDP increasing by only 0.5%, following a strong first quarter [9][10]. - The central bank expects GDP growth of 1% to 1.5% for 2025, with a slight decline anticipated for 2026 due to the impact of tariffs and high uncertainty [10].